Compelling reasons why you should use Microsoft Dynamics 365 for Finance
The Microsoft Dynamics 365 is the most recent software designed to manage financial solutions effectively. Unlike its predecessor – Microsoft Dynamics GP – this rendition works around a well-rounded SaaS (Software as a Service) model. All you need is to take care of the monthly subscription licensing and you’ll be up and running in the Azure Cloud. There are no more upgrades – Microsoft Dynamics 365 automatically takes care of updates, bug fixes, and enhancements.
For companies with zero or bare minimal IT resources, the Dynamics 365 comes as a lifesaver. It is the future of financial solutions served on a golden platter – cutting-edge features and software dynamics will supersede any earlier models you have been working with. There are no upfront costs for servers, hardware, or extra fittings which is a big deal. Besides, here are few other factors that jump at you about the Microsoft Dynamics 365 for financial efficiency:
- Finance and Operations
Microsoft Dynamics 365 works best up to 250 users and can efficiently generate anywhere from $5-$50 million in revenue. Neither do you need over-the-top customization or functionality for the best results. Expanding your business using the built-in financial solution of the Dynamics 365 is right at your fingertips now. Everything from sales and operations to top-notch financial management is simplified, organized, and amplified.
- Managing Banking and Cash
Maintaining an entity’s finances and bank accounts gets easier with cash and bank management. Financial extensions include bills of exchange, promissory notes, checks, and deposit slips. If need be, you can print relevant bank data to keep your records intact and organized.
- Budgeting
Creating budget plans can be done using Excel or directly with the budget plan document page – whichever best suits your needs. Performing custom calculations, tables, and charts will prove helpful considering most variables can be configured to meet your requirements.
- Cost Accounting
This feature allows you to collect information from diverse sources – budgets, ledgers, statistics, and more. Using these you can comfortably evaluate cost data to further manage budgets, and price updates amongst other demands.
- Payable Accounts
Receiving vendor invoices electronically or manually is made possible via the data feature. Once the invoices are fed into the system, the vendor invoice page or an invoice approval journal allows you to review and approve them. Should you choose to automate the review process, the invoice policies and invoice-matching will handle the task responsibly. The software is smart enough to flag off invoices that don’t meet certain criteria which will then be scrutinized by an authorized user.
- Receivable Accounts
This feature allows you to create free text invoices or those based on packing slips and sales orders. If your company works with diverse legal entities, the centralized payments will come in handy. Payment types can be in the form of credit cards, checks, electronic payments, or bills of exchange. You can record payments coming in one legal entity on behalf of other sources.
- General Ledger
Using the fixed and variable allocations, you can distribute or allocate monetary accounts to one or more accounts. Generating closing transactions and preparing for the next fiscal year is hassle-free with the consolidation feature to combine financial results into a single organization.
The Future of Financing Has Arrived
Microsoft Dynamic 365 is designed for excellence in every sense of the word. Finance and operations just got a facelift making things more accessible, efficient, cost-effective, secure, and quick. Project management and accounting can now function across various laterals to provide services aiming for better results. It’s no surprise that more and more organizations will take to this adaptation for optimal results to stand out from the rest; it’s time you gave it some consideration, don’t you think?
